NY Fed says supply chain pressures eased in June

The NY Fed's Global Supply Chain Pressure Index eased to 1.25 in June from an upwardly revised 1.81 in May, approaching levels last seen in late 2022. The easing reflects partial resolution of Middle East conflict-related disruptions at the Strait of Hormuz, which had previously spiked oil prices and inflation. Fed officials, including NY Fed President John Williams, expect inflation pressures to moderate further if supply disruptions continue to resolve over time.